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Author Topic: WHY can't I send funds from my wallet  (Read 1783 times)
Rodyland
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April 23, 2013, 12:11:35 PM
 #21

As a relative newcomer to the Bitcoin scene, I will allow myself to be guided by my betters, but I am still a bit upset that all those hours spent clicking on things on the free BTC websites produced payments that are worth far less in reality than I thought they would be.

Yes, I'd be pretty upset with the creators of those sites for luring me in with false hope as well if I were you.

They make no effort to educate their visitors to the limitations of the payouts they provide.


Let me get this straight

paying in fractional btc is not cool and reason to get upset
but charging 2 or more times the amount your are transferring for a minutes computer time to do the transfer is OK

guess I'll stop mining and just rob people to do transfers

It's not a minute's worth of computer time.  Your transaction, all that dust being spent, will be stored by the network FOR EVER.  Any time someone downloads a full blockchain for a brand new full-node, they will have to store and process that giant dust transaction.  That is the reason the fees are what they are.

so the network does the work with their computers with no compensation
and the fee goes to who...
I gotta become the "who"  get paid lots of bit coin for letting everyone else do the work

Are you trying to pick an argument, or are  you truly asking a question here?

The fee goes to the miner who puts your transaction into the block chain.

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RobertRibbeck (OP)
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April 23, 2013, 12:17:53 PM
 #22

As a relative newcomer to the Bitcoin scene, I will allow myself to be guided by my betters, but I am still a bit upset that all those hours spent clicking on things on the free BTC websites produced payments that are worth far less in reality than I thought they would be.

Yes, I'd be pretty upset with the creators of those sites for luring me in with false hope as well if I were you.

They make no effort to educate their visitors to the limitations of the payouts they provide.


Let me get this straight

paying in fractional btc is not cool and reason to get upset
but charging 2 or more times the amount your are transferring for a minutes computer time to do the transfer is OK

guess I'll stop mining and just rob people to do transfers

It's not a minute's worth of computer time.  Your transaction, all that dust being spent, will be stored by the network FOR EVER.  Any time someone downloads a full blockchain for a brand new full-node, they will have to store and process that giant dust transaction.  That is the reason the fees are what they are.

so the network does the work with their computers with no compensation
and the fee goes to who...
I gotta become the "who"  get paid lots of bit coin for letting everyone else do the work

Are you trying to pick an argument, or are  you truly asking a question here?

The fee goes to the miner who puts your transaction into the block chain.

no argument intended
just wondering how I might get paid for doing that
xfer fees are higher than mining profits

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Rodyland
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April 23, 2013, 12:24:04 PM
 #23


Are you trying to pick an argument, or are  you truly asking a question here?

The fee goes to the miner who puts your transaction into the block chain.

no argument intended
just wondering how I might get paid for doing that
xfer fees are higher than mining profits

Cheesy

That's cool, I truly wasn't sure.

Transaction fees are still quite small compared to the block reward - single digit percentages I believe.  Also, some mining pools pay out tx fees, others keep them and only pay out the block reward.

There is another aspect to transfer fees beyond tx size - and that is coin age.  Older coins are cheaper to spend.  It doesn't help you right now, and with such dust the time required would probably be significant, but I believe _eventually_ your dust transactions would get cheaper.

In the meantime, if you plan on spending bitcoins, but some "real" amounts.  And make sure you set your mining pool payout threshold to a decent size amount to avoid collecting more dust.

Beware the weak hands!
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DannyHamilton
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April 23, 2013, 02:42:51 PM
 #24

You might not want to waste your time with Mr. RobertRibbeck.  This isn't the first time he's gotten all worked up about the transactions fees and had them explained to him:

https://bitcointalk.org/index.php?topic=150291.0

He's been mining since 2011:

https://bitcointalk.org/index.php?topic=1976.msg181351#msg181351

I find it surprising that someone can be involved in bitcoin and active on this bitcoin discussion website for nearly two years and still not understand the basics of mining and transaction fees.
RobertRibbeck (OP)
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April 23, 2013, 02:54:50 PM
 #25

You might not want to waste your time with Mr. RobertRibbeck.  This isn't the first time he's gotten all worked up about the transactions fees and had them explained to him:

https://bitcointalk.org/index.php?topic=150291.0

He's been mining since 2011:

https://bitcointalk.org/index.php?topic=1976.msg181351#msg181351

I find it surprising that someone can be involved in bitcoin and active on this bitcoin discussion website for nearly two years and still not understand the basics of mining and transaction fees.


Ah back to cause trouble again ay danny boy
got troll elsewhere and stop ragging me
especially on MY TREAD

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  use my referral & I'll refund a % of your first deposit back to your account
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DannyHamilton
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April 23, 2013, 03:38:24 PM
 #26

Ah, back to cause trouble again ay eh Danny boy?
Got troll elsewhere and stop ragging me,
especially on MY THREAD

Fixed that for you.
Gator-hex
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April 25, 2013, 11:39:34 AM
 #27

Quote
The fee goes to the miner who puts your transaction into the block chain.

The transaction fee goes to the bitcoin pool owner, how they share it to miners is up to them and their honesty!  Wink

The miner only gets the fee if they mine solo (and who does that these days?).

DannyHamilton
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April 25, 2013, 01:47:00 PM
 #28

Quote
The fee goes to the miner who puts your transaction into the block chain.

The transaction fee goes to the bitcoin pool owner, how they share it to miners is up to them and their honesty!  Wink

The miner only gets the fee if they mine solo (and who does that these days?).

Sure, but in the case of a pool, isn't it the pool owner that "puts your transaction into the blockchain"?  The individual miners in a pool don't have any control over which transactions go into the block, do they?  So that means that the previous response is "technically" correct?
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